This Week’s Market Buzz

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Published: Monday, 30 December 2013 13:39

Toronto, Canada-based Claim Post Resources closed a second level of financing that will be used to: 1) carry out a minimum 1,000-meter drilling program towards completing a resource estimation of the Seymourville Frac Sand Project in accordance with NI 43-101 standards; 2) to complete a preliminary economic assessment on the project, which will allow the company to test the market for forward-selling frac sand; and 3) for general working capital purposes. Also, Claim Post Resources Director Julian Kemp decided not to run for re-election at the annual meeting. Management thanked him for his sage advice and timely decision making. He has been instrumental to the success of Claim Post and has been a director since 2006.

Things are looking up for Vista Sand, a Texas-based sand-mining company that wants to excavate frac sand from hundreds of acres of farm land just outside the Glenwood City, Wis. Mayor John Larson survived a recall attempt by opponents of the silica mine. Once results are finalized, he is expected to move forward with efforts to annex the silica-rich land into town limits and allow the project to move forward, according to Wisconsin Watch.

According to a report on Wisconsin Public Radio, Trempealeau County, Wis., has voted to allow frac sand companies to process sand around the clock, but in the same resolution they’ve limited how long mines can sit idle before losing their permit. Trempealeau County has given out 28 frac sand mining permits, more than any other county in the state. Despite that, only six operations actually mined and processed sand there last summer. Frac sand permit holders are now required to start mining within one year or lose their permit.